BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a firm produces its product with less raw material waste than its competitors
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a firm offers more reliable products than its competitors
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a firm’s products are introduced into the market faster than its competitors’
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a firm’s research and development department generates many ideas for new products
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Detailed explanation-1: -Answer and Explanation: The correct option is c) A firm’s products are introduced into the market faster than its competitor’s products.
Detailed explanation-2: -Examples of competing responses include the following. For nail biting, thumbsucking, hair pulling, or any habit involving the hands, the competing response involves holding the hands down at the side and making a fist or grasping objects.
Detailed explanation-3: -The goal is to appeal to more customers through unique features and quality while keeping competitors from obtaining a larger market share for products. Example: Lowdo is a search engine that uses a product differentiation strategy to appeal to certain customers through its products and services.
Detailed explanation-4: -Highly skilled labor. Strong brand awareness. Access to new or proprietary technology. Price leadership.
Detailed explanation-5: -market leaders. Competitors are more likely to respond to competitive actions that are taken by: market leaders.